CHAPTER
¥° GENERAL PROVISIONS
Article 1 (Purpose)
The purpose of this
Act is to ensure the proper, impartial and rapid
settlement of disputes in private laws by arbitration.
Article 2 (Scope of Application)
(1) This Act shall
apply where a place of arbitration under Article
21 is in the Republic of Korea. The provisions
of Articles 9 and 10 shall also apply even where
a place of arbitration has not been determined
yet or is not in the Republic of Korea, and the
provisions of Articles 37 and 39 shall also apply
even where a place of arbitration is not in the
Republic of Korea.
(2) This Act shall
not affect any other Act by virtue of which certain
disputes may not be submitted to arbitration or
may be submitted to arbitration only according
to provisions other than those of this Act, nor
the treaties which are valid in the Republic of
Korea.
Article 3 (Definitions)
The definitions of
terms used in this Act shall be as follows:
1. The term "arbitration"
means a procedure to settle any dispute in private
laws, not by the adjudication of a court, but
by the award of an arbitrator or arbitrators,
as agreed by the parties;
2. The term "arbitration
agreement" means an agreement by the parties
to submit to arbitration all or certain disputes
which have arisen or which may arise between them
in respect of defined legal relationships, whether
contractual or not; and
3. The term "arbitral
tribunal" means a single arbitrator or a
panel of arbitrators who conducts the arbitral
proceedings and makes an arbitral award.
Article 4 (Receipt of Written
Communications)
(1) Unless otherwise
agreed by the parties, any written communication
shall be deemed to have been received on the day
it is delivered to the addressee personally.
(2) If there is no
way the personal delivery under paragraph (1)
is effected, any written communication shall be
deemed to have been received by the addressee
on the day it is properly delivered at his habitual
residence, place of business or mailing address.
(3) In applying paragraph
(2), if none of the addressee's habitual residence,
place of business and mailing address can be found
after making a reasonable inquiry, a written communication
shall be deemed to have been received by him on
the day it is sent to his last-known habitual
residence, place of business or mailing address
by registered mail or any other means which provides
a record of the attempt to deliver it.
(4) The provisions
of paragraphs (1) through (3) shall not apply
to communications in court proceedings.
Article 5 (Waiver of Right to
Object)
A party who knows
that any provision of this Act from which the
parties may derogate or any requirement under
the arbitration agreement has not been complied
with and yet proceeds with the arbitration without
stating his objection to such non-compliance without
undue delay or, if a time-limit is provided therefor,
within such period of time, shall be deemed to
have waived his right to object.
Article 6 (Extent of Court Intervention)
In matters governed
by this Act, no court shall intervene except as
provided in this Act.
Article 7 (Competent Court)
(1) Matters as prescribed
in any of the following subparagraphs shall fall
under the jurisdiction of the district court or
its branch(the both are referred to as the "court"
hereinafter) designated by an arbitration agreement
or, failing such designation, under the jurisdiction
of the competent court of the place of arbitration
or, if the place of arbitration has not yet been
determined, under the jurisdiction of the competent
court of the respondent's habitual residence or
place of business or, if none of those can be
found, his place of abode or, if it cannot be
found, his last-known habitual residence or place
of business:
1. Appointment of an arbitrator
under Article 12 (3) and (4);
2. Decision on the request for challenging an
arbitrator under Article 14 (3);
3. Decision on the request for terminating the
mandate of an arbitrator under Article 15 (2);
4. Decision on the jurisdiction of the arbitral
tribunal under Article 17 (6); or
5. Decision on the request for challenging an
expert under Article 27 (3).
(2) The taking of
evidence under Article 28 shall fall under the
jurisdiction of the competent court of a place
where it is performed.
(3) Matters as prescribed
in any of the following subparagraphs shall fall
under the jurisdiction of the court designated
by an arbitration agreement or, failing such designation,
under the jurisdiction of the competent court
of the place of arbitration:
1. Deposit of the original arbitral
award under Article 32 (4); or
2. Application for setting aside an award to court
under Article 36 (1).
(4) An application
for the recognition or enforcement of an arbitral
award under Articles 37 through 39 shall fall
under the jurisdiction of a court as prescribed
in any of the following subparagraphs:
1. Court designated by an arbitration
agreement;
2. Competent court of the place of arbitration;
3. Competent court of the place where a respondent's
property is located; or
4. Competent court of the respondent's habitual
residence or place of business or, if none of
those can be found, his place of abode or, if
it cannot be found, his last-known habitual residence
or place of business.
CHAPTER ¥± ARBITRATION AGREEMENT
Article 8 (Form of Arbitration
Agreement)
(1) An arbitration
agreement may be in the form of a separate agreement
or in the form of an arbitration clause in a contract.
(2) An arbitration
agreement shall be in writing.
(3) An agreement shall
be deemed to be an arbitration agreement in writing:
1. If it is contained in a document
signed by the parties;
2. If it is contained in an exchange of letters,
telegrams, telexes, telefacsimiles or other means
of telecommunication which provide a record of
the agreement; or
3. If it is contained in an exchange of statements
of claim and defence in which the existence
of an agreement is alleged by one party and not
denied by another.
(4) The reference
in a contract to a document containing an arbitration
clause constitutes an arbitration agreement, provided
that the contract is in writing and the reference
is such as to make that clause part of the contract.
Article 9 (Arbitration Agreement
and Substantive Claim before Court)
(1) A court before
which an action is brought in a matter which is
the subject of an arbitration agreement shall,
if the respondent raises a plea that an arbitration
agreement exists, dismiss the action, unless it
finds that the agreement is null and void, inoperative
or incapable of being performed.
(2) The respondent
shall raise a plea under paragraph (1) not later
than when submitting his first statement on the
substance of the dispute.
(3) Where an action
referred to in paragraph (1) has been brought,
arbitral proceedings may nevertheless be commenced
or continued, and an award may be made, while
the issue is pending before the court.
Article 10 (Arbitration Agreement
and Interim Measures by Court)
A party to an arbitration agreement
may request, before or during arbitral proceedings,
from a court an interim measure of protection.
CHAPTER ¥² ARBITRAL TRIBUNAL
Article 11 (Number of Arbitrators)
(1) The parties are
free to agree on the number of arbitrators.
(2) Failing such agreement
referred to in paragraph (1), the number of arbitrators
shall be three.
Article 12 (Appointment of Arbitrators)
(1) No person shall
be precluded by reason of his nationality from
acting as an arbitrator, unless otherwise agreed
by the parties.
(2) The parties are
free to agree on a procedure of appointing the
arbitrator or arbitrators.
(3) Failing such agreement
referred to in paragraph (2),
1. In an arbitration with a sole
arbitrator, if the parties are unable to agree
on the arbitrator within
thirty days after a party has received a request
for initiating the procedure
for his appointment from the other party, he shall
be appointed, upon request
of a party, by the court; or
2. In an arbitration with three arbitrators, each
party shall appoint one arbitrator, and the two
arbitrators thus appointed shall appoint the third
arbitrator. If a party fails to appoint
the arbitrator within thirty days of receipt of
a request to do so from the other party,
or if the two arbitrators fail to agree on the
third arbitrator within thirty days of their
appointment, the appointment shall be made, upon
request of a party, by the court.
(4) Where, under an
appointment procedure agreed upon in paragraph
(2), it falls under any of the following subparagraphs,
the appointment shall be made, upon request of
a party, by the court:
1. A party fails to act as required
under such procedure;
2. The parties or two arbitrators are unable to
reach an agreement expected of them under
such procedure; or
3. A third party including an institution, entrusted
to appoint the arbitrator or arbitrators, fails
to do so.
(5) A decision of
the court under paragraph (3) or (4) shall be
subject to no appeal.
Article 13 (Grounds for Challenge)
(1) When a person
is approached in connection with his possible
appointment as an arbitrator or has already been
appointed as such, he shall without delay disclose
all circumstances likely to give rise to justifiable
doubts as to his impartiality or independence.
(2) An arbitrator
may be challenged only if circumstances referred
to in paragraph (1) exist, or if he does not possess
qualifications agreed to by the parties. A party
may challenge an arbitrator appointed by him,
or in whose appointment he has participated, only
for reasons of which he becomes aware after the
appointment has been made.
Article 14 (Challenge Procedure)
(1) The parties are
free to agree on a procedure for challenging an
arbitrator.
(2) Failing such agreement
referred to in paragraph (1), a party who intends
to challenge an arbitrator shall, within fifteen
days after becoming aware of the constitution
of the arbitral tribunal or after becoming aware
of any circumstance referred to in Article 13
(2), send a written statement of the reason for
the challenge to the arbitral tribunal. Unless
the challenged arbitrator withdraws from his office
or the other party agrees to the challenge, the
arbitral tribunal shall decide on the challenge.
(3) If a challenge
under the procedure of paragraph (1) or (2) is
not successful, the challenging party may request,
within thirty days after having received notice
of the decision rejecting the challenge, the court
to decide on the challenge. While such a request
is pending in court, the arbitral tribunal may
continue the arbitral proceedings or make an award.
(4) A decision of
the court under paragraph (3) shall be subject
to no appeal.
Article 15 (Termination of Mandate
of Arbitrator Due to His Failure of Impossibility
to Act)
(1) If an arbitrator
becomes de jure or de facto unable
to perform his functions or for other reasons
fails to act without undue delay, his mandate
terminates if he withdraws from his office or
if the parties agree on the termination.
(2) If a controversy
remains concerning the termination of the mandate
of the arbitrator under paragraph (1), any party
may request the court to decide on the termination
of the mandate.
(3) A decision of
the court under paragraph (2) shall be subject
to no appeal.
Article 16 (Appointment of Substitute
Arbitrator)
Where the mandate
of an arbitrator terminates, a substitute arbitrator
shall be appointed according to the procedure
that were applicable to the appointment of the
arbitrator being replaced.
Article 17 (Ruling of Arbitral
Tribunal on its Jurisdiction)
(1) The arbitral
tribunal may rule on its own jurisdiction, including
any objections with respect to the existence or
validity of the arbitration agreement. For that
purpose, an arbitration clause which forms part
of a contract shall be treated as an agreement
independent of the other terms of the contract.
(2) A plea that the
arbitral tribunal does not have jurisdiction shall
be raised not later than the submission of the
statement of defence on the substance of the dispute.
A party is not precluded from raising such a plea
by the fact that he has appointed, or participated
in the appointment of, an arbitrator.
(3) A plea that the
arbitral tribunal is exceeding the scope of its
authority shall be raised as soon as the matter
alleged to be beyond the scope of its authority
is raised during the arbitral proceedings.
(4) The arbitral tribunal
may, in either case of paragraphs (2) and (3),
admit a later plea if it considers the delay justified.
(5) The arbitral tribunal
may rule a plea referred to in paragraph (2) or
(3) either as a preliminary question or in an
arbitral award on the merits.
(6) If the arbitral
tribunal rules as a preliminary question that
it has jurisdiction under paragraph (5), any party
who is dissatisfied with that ruling may request,
within thirty days after having received notice
thereof, the court to decide on the jurisdiction
of the arbitral tribunal.
(7) While a request
under paragraph (6) is pending in court, the arbitral
tribunal may continue the arbitral proceedings
or make an arbitral award.
(8) A decision of
the court under paragraph (6) shall be subject
to no appeal.
Article 18 (Interim Measure)
(1) Unless otherwise
agreed by the parties, the arbitral tribunal may,
at a request of a party, decide on such interim
measure of protection as the arbitral tribunal
may consider necessary in respect of the subject-matter
of the dispute. The arbitral tribunal may determine
an amount of security to be provided by the respondent
in lieu of such measure.
(2) The arbitral tribunal
may require the party requesting the interim measure
to provide appropriate security.
CHAPTER ¥³ ARBITRAL PROCEEDINGS
Article 19 (Equal Treatment of
Parties)
The parties shall
be equally treated in the arbitral proceedings
and each party shall be given a full opportunity
of presenting his case.
Article 20 (Arbitral Proceedings)
(1) Subject to the
mandatory provisions of this Act, the parties
are free to agree on the arbitral proceedings.
(2) Failing such agreement
referred to in paragraph (1), the arbitral tribunal
may, subject to the provisions of this Act, conduct
the arbitration in such manner as it considers
appropriate. The power conferred upon the arbitral
tribunal shall include the power to determine
the admissibility, relevance, materiality and
weight of any evidence.
Article 21 (Place of Arbitration)
(1) The parties are free to agree on the place
of arbitration.
(2) Failing such agreement
referred to in paragraph (1), the place of arbitration
shall be determined by the arbitral tribunal having
regard to the circumstances of the case, including
the convenience of the parties.
(3) Notwithstanding
the provisions of paragraphs (1) and (2), the
arbitral tribunal may, unless otherwise agreed
by the parties, meet at any place it considers
appropriate for consultation among its members,
for hearing witnesses, experts or the parties,
or for inspection of goods, other property or
documents.
Article 22 (Commencement of Arbitral
Proceedings)
(1) Unless otherwise
agreed by the parties, the arbitral proceedings
in respect of a particular dispute shall commence
on the date when a request for that dispute to
be referred to arbitration is received by the
respondent.
(2) In the request
referred to in paragraph (1), the parties, the
subject-matter of the dispute and the contents
of the arbitration agreement shall be contained.
Article 23 (Language)
(1) The parties are
free to agree on the language or languages to
be used in the arbitral proceedings. Failing such
agreement, the arbitral tribunal shall determine
such language or languages, and otherwise the
Korean language shall be used.
(2) The agreement
or determination referred to in paragraph (1)
shall, unless otherwise specified therein, apply
to any written statement by a party, any hearing
and any award, decision or other communication
by the arbitral tribunal.
(3) The arbitral tribunal
may, if considered necessary, order a party to
submit any documentary evidence, accompanied by
a translation into the language or languages referred
to in paragraph (1).
Article 24 (Statement of Claim
and Defence)
(1) Within the period
of time agreed by the parties or determined by
the arbitral tribunal, the claimant shall state
his claim and the facts supporting it, and the
respondent shall state his defence in respect
of these particulars.
(2) The parties may
submit with their statements of claim or defence
all documents they consider to be relevant or
may add a reference to other evidence they will
submit.
(3) Unless otherwise
agreed by the parties, either party may amend
or supplement his claim or defence during the
course of the arbitral proceedings, unless the
arbitral tribunal considers that such amendment
or supplement might cause the considerable delay
in the arbitral proceedings.
Article 25 (Hearings)
(1) Subject to any contrary
agreement by the parties, the arbitral tribunal
shall decide whether to hold oral hearings or
whether the proceedings shall be only conducted
on the basis of documents or other materials.
Unless the parties have agreed that no hearings
shall be held, the arbitral tribunal shall hold
such hearings at an appropriate stage of the proceedings,
if so requested by a party.
(2) The parties shall
be given sufficient advance notice of any oral
hearing and of any meeting of the arbitral tribunal
for the purpose of taking evidence.
(3) All statements,
documents or other information supplied to the
arbitral tribunal by a party shall be communicated
to the other party.
(4) Any expert report
or evidentiary document on which the arbitral
tribunal may rely in making its decision shall
be communicated to the parties.
Article 26 (Default of Party)
(1) If the claimant
fails to communicate his statement of claim in
accordance with Article 24 (1), the arbitral tribunal
shall terminate the proceedings.
(2) If the respondent
fails to communicate his statement of defence
in accordance with Article 24 (1), the arbitral
tribunal shall continue the proceedings without
treating such failure in itself as an admission
of the claimant's allegations.
(3) If any party fails
to appear at a hearing or to produce documentary
evidence within a fixed period of time, the arbitral
tribunal may continue the proceedings and make
the award on the evidence before it.
(4) The provisions
of paragraphs (1) through (3) shall not apply,
if otherwise agreed by the parties, or if the
arbitral tribunal considers that there exists
any sufficient cause for the failure.
Article 27 (Expert)
(1) Unless otherwise agreed
by the parties, the arbitral tribunal may appoint
one or more experts to report to it on specific
issues to be determined by it. For this purpose,
the arbitral tribunal may require a party to give
the expert any relevant information or to produce,
or to provide access to, any relevant documents,
goods or other property for his inspection.
(2) Unless otherwise
agreed by the parties, if a party so requests
or if the arbitral tribunal considers it necessary,
the expert shall participate in a hearing where
the parties have the opportunity to put questions
to him and to present expert witnesses in order
to testify on the points at issue.
(3) The provisions
of Articles 13 and 14 shall apply mutatis mutandis to an expert appointed by the arbitral tribunal.
Article 28 (Court Assistance in
Taking Evidence)
(1) The arbitral
tribunal may, either on its own initiative or
upon the request of a party, request from a competent
court assistance in taking evidence.
(2) When requesting
the assistance under paragraph (1), the arbitral
tribunal may, in writing, specify the matters
to be recorded in the protocol of the court and
other particulars necessary for investigation.
(3) The court referred
to in paragraphs (1) shall, without delay after
taking evidence, send the records on taking evidence
such as a certified copy of protocol for examination
of witness or inspection of property to the arbitral
tribunal.
(4) The arbitral tribunal
shall pay necessary expenses for taking evidence
to the court referred to in paragraph (1).
CHAPTER ¥´. MAKING OF ARBITRAL
AWARD
Article 29 (Rules Applicable to
Substance of Dispute)
(1) The arbitral
tribunal shall decide the dispute in accordance
with such rules of law as are chosen by the parties
as applicable to the substance of the dispute.
Any designation of the law or legal system of
a given State shall be construed, unless otherwise
expressed, as directly referring to the substantive
law of that State and not to its conflict of laws
rules.
(2) Failing the designation
referred to in paragraph (1), the arbitral tribunal
shall apply the law of the State with which the
subject-matter of the dispute is most closely
connected.
(3) The arbitral tribunal
shall decide ex aequo et bono or as amiable
compositeur only if the parties have expressly
authorized it to do so.
(4) The arbitral tribunal
shall decide in accordance with the terms of the
contract and shall take into account the usages
of the trade applicable to the transaction.
Article 30 (Decision-making by
Arbitral Tribunal)
Unless otherwise
agreed by the parties, in arbitral proceedings
with not less than three arbitrators, any decision
of the arbitral tribunal shall be made by a majority
of all its members. However, questions of procedure
may be solely decided by a presiding arbitrator,
if so agreed by the parties or if so authorized
by all members of the arbitral tribunal.
Article 31 (Settlement)
(1) If, during the
arbitral proceedings, the parties settle the dispute,
the arbitral tribunal shall terminate such proceedings.
The arbitral tribunal may, if requested by the
parties, record the settlement in the form of
an arbitral award on agreed terms.
(2) An award on agreed
terms under paragraph (1) shall be made in accordance
with the provisions of Article 32 and shall state
that it is an award.
(3) The arbitral award
referred to in Paragraph (2) shall have the same
effect as any other award on the merits of the
case.
Article 32 (Form and Contents
of Award)
(1) The award shall
be made in writing and shall be signed by all
arbitrators. However, if, in arbitral proceedings
with not less than three arbitrators, there exist
circumstances where less than half members of
the arbitral tribunal cannot sign, other arbitrator
may, instead of them, sign with reason therefor.
(2) The award shall
state the reasons upon which it is based, unless
the parties have agreed that no reason are to
be given or the award is an award on agreed terms
under Article 31.
(3) The award shall
state its date and place of arbitration. The award
shall be deemed to have been made on that date
and at that place.
(4) The duly authenticated
award made and signed in accordance with paragraphs
(1) through (3) of this Article shall be delivered
to each party in accordance with paragraphs (1)
through (3) of Article 4, and the original award
shall be sent to and deposited with the competent
court, accompanied by a document verifying such
delivery.
Article 33 (Termination of Proceedings)
(1) The arbitral
proceedings are terminated by the final award
or by a decision of the arbitral tribunal in accordance
with paragraph (2) of this Article.
(2) The arbitral tribunal
shall make a decision for the termination of the
arbitral proceedings when it falls under any of
the following subparagraphs:
1. The claimant withdraws his
claim, unless the respondent objects thereto and
the arbitral tribunal
recognizes a legitimate interest on his part in
obtaining a final settlement
of the dispute;
2. The parties agree on the termination of the
proceedings; or
3. The arbitral tribunal finds that the continuation
of the proceedings has for any other reason
become unnecessary or impossible.
(3) The mandate of
the arbitral tribunal shall terminate with the
termination of the arbitral proceedings, subject
to the provisions of Article 34.
Article 34 (Correction or Interpretation
of Award or Additional Award)
(1) Within thirty
days of receipt of the award, unless another period
of time has been agreed upon by the parties, a
party may request the arbitral tribunal:
1. To correct in the award any
errors in computation, any clerical or typographical
errors or any errors of
similar nature;
2. To give an interpretation of a specific point
or part of the award, if so agreed by the parties;
or
3. To make an additional award as to claims presented
in the arbitral proceedings but omitted
from the award, unless otherwise agreed by the
parties.
(2) When making any
request in accordance with paragraph (1), a party
shall give notice to the other party to that effect.
(3) The arbitral tribunal
shall decide on the issue within thirty days of
the receipt of the request under subparagraphs
1 or 2 of paragraph (1) and within sixty days
of the receipt of the request under subparagraph
3 of paragraph (1) respectively. The interpretation
under subparagraph 2 of paragraph (1) shall form
part of the award.
(4) The arbitral tribunal
may, on its own initiative, correct any error
of the type referred to in subparagraph 1 of paragraph
(1) within thirty days of the date of the award.
(5) The arbitral tribunal
may extend, if necessary, any period of time as
referred to in paragraph (3).
(6) The provisions
of Article 32 shall apply mutatis mutandis to the form of a correction or interpretation
of the award or to an additional award.
CHAPTER ¥µ EFFECT OF
AWARD AND RECOURSE THERE AGAINST
Article 35 (Effect of Arbitral
Award)
The arbitral award
shall have the same effect on the parties as the
final and conclusive judgement of the court.
Article 36 (Application for Setting
Aside Award to Court) (1) Recourse against an
arbitral award may be made only by an application
for setting aside to a court.
(2) An arbitration
award may be set aside by the court only if:
1. The party making the application
furnishes proof that:
(a) a party to the
arbitration agreement was under some incapacity
under the law applicable to him; or the said agreement
is not valid under the law to which the parties
have subjected it, or failing any indication thereon,
under the law of the Republic of Korea; or
(b) a party making
the application was not given proper notice of
the appointment of the arbitrator or arbitrators
or of the arbitral proceedings or was otherwise
unable to present his case; or
(c) the award deals
with a dispute not contemplated by or not falling
within the terms of the submission to arbitration,
or contains decisions on matters beyond the scope
of the submission to arbitration. If the decisions
on matters submitted to arbitration can be separated
from those not so submitted, only that part of
the award which contains decisions on matters
not submitted to arbitration may be set aside;
or
(d) the composition
of the arbitral tribunal or the arbitral procedure
were not in accordance with the agreement of the
parties, unless such agreement was in conflict
with any provision of this Act from which the
parties cannot derogate or, failing such agreement,
were not in accordance with this Act; or
2. The court finds on its own
initiative that:
(a) the subject-matter
of the dispute is not capable of settlement by
arbitration under the law of the Republic of Korea;
or
(b) the recognition
and enforcement of the award is in conflict with
the good morals or other public policy of the
Republic of Korea.
(3) An application
for setting aside the award shall be made within
three months of the date on which the party making
that application has received the duly authenticated
award or, if a request has been made under Article
34, the duly authenticated copy of a correction
or interpretation or an additional award.
(4) An application
for setting aside the award may not be made after
the judgement for recognition or enforcement of
the award rendered by a court of the Republic
of Korea becomes final and conclusive.
CHAPTER ¥¶ RECOGNITION OR ENFORCEMENT
OF AWARD
Article 37 (Recognition or Enforcement
of Arbitral Award)
(1) Enforcement of
an arbitral award shall be granted by the judgment
of a court.
(2) The party applying
for the recognition or enforcement of an award
shall submit the following documents. If the award
or the arbitration agreement is not made in the
Korean language, a duly certified translation
thereof into the Korean language shall be accompanied:
1. The duly authenticated award
or a duly certified copy thereof; and
2. The original arbitration agreement or a duly
certified copy thereof.
Article 38 (Domestic Awards)
An arbitral award
made in the territory of the Republic of Korea
shall be recognized or enforced, unless any ground
referred to in Article 36 (2) can be found.
Article 39 (Foreign Awards)
(1) Recognition or
enforcement of a foreign arbitral award to which
the Convention on the Recognition and Enforcement
of Foreign Arbitral Awards of 1958 applies shall
be granted in accordance with the Convention.
(2) The provisions
of Articles 203, 476 (1) and 477 of the Korean
Code of Civil Procedure shall apply mutatis
mutandis to the recognition or enforcement
of a foreign arbitral award to which the Convention
referred to in Paragraph (1) does not apply.
CHAPTER ¥· SUPPLEMENTARY PROVISIONS
Article 40 (Assistance to Commercial
Arbitration Institution)
In order to secure
the impartial and rapid settlement of domestic
or international commercial disputes and to establish
the international transaction order by this Act,
the Government of the Republic of Korea may provide
all or part of necessary expenses for an incorporated
association conducting the commercial arbitration
and designated by the Minister of Commerce, Industry
and Energy.
Article 41 (Establishment and
Approval of Arbitration Rules)
The incorporated association
designated as a commercial arbitration institution
under Article 40 shall obtain the approval of
the Chief Justice of the Korean Supreme Court
to establish or amend its arbitration rules.
ADDENDA
(1) (Enforcement Date)
This Act shall enter into force on the date of
its promulgation.
(2) (Transitional
Measures on Arbitration Cases in Process) Cases
for which the arbitral proceedings have been in
process before this Act enters into force shall
be governed by the previous pertinent provisions.
(3) (Transitional
Measures on Designation of Commercial Arbitration
Institution) The Korean Commercial Arbitration
Board, Incorporated Association which has been
established when this Act enters into force, shall
be deemed to be designated as an incorporated
association conducting the commercial arbitration
under the provisions of amended Article 40, and
its commercial arbitration rules shall be deemed
to be approved by the Chief Justice of the Korean
Supreme Court under the provisions of amended
Article 41. |